BRICS Digital Payment System Challenges Dollar Hegemony Under India’s Leadership

Source: नवभारत टाइम्स | Original Published At: 2026-01-31 05:27:28 UTC

Key Points

• India will propose an interoperable central bank digital currency (CBDC) payment system at the 2026 BRICS summit to enable direct trade settlements between member states
• The system aims to reduce reliance on dollar-based SWIFT infrastructure while maintaining national currency sovereignty
• India's approach rejects creation of a unified BRICS currency, focusing instead on technical infrastructure connecting existing national CBDCs
• New system would protect BRICS countries from Western sanctions and transaction costs while maintaining multi-polarity
• Implementation timeline depends on harmonizing technical standards across BRICS members' varying CBDC development stages